What is the deadline for submission of 2024 annual financial statements for state-owned enterprises in Vietnam?
What is the deadline for submission of 2024 annual financial statements for state-owned enterprises in Vietnam?
Based on Clause 1, Article 109 of Circular 200/2014/TT-BTC stipulating the deadline for submitting financial statements:
Article 109. Deadline for submitting financial statements
- For State enterprises
a) Deadline for submitting quarterly financial statements:
- Accounting units must submit quarterly financial statements no later than 20 days from the end of the quarterly accounting period; For parent companies, State General Corporations, no later than 45 days;
- Accounting units under enterprises, State General Corporations must submit quarterly financial statements to the parent company, General Corporation within the timeframe specified by the parent company, General Corporation.
b) Deadline for submitting annual financial statements:
- Accounting units must submit annual financial statements no later than 30 days from the end of the annual accounting period; For parent companies, State General Corporations, no later than 90 days;
- Accounting units under State General Corporations must submit annual financial statements to the parent company, General Corporation within the timeframe specified by the parent company, General Corporation.
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Thus, the deadline for submitting the 2024 annual financial statements of State enterprises is as follows:
- Accounting units must submit annual financial statements no later than 30 days from the end of the annual accounting period; For parent companies, State General Corporations, no later than 90 days.
The accounting year 2024 is from January 1, 2024, to December 31, 2024. Therefore, the deadline for submitting financial statements for a State enterprise is no later than January 30, 2025. For parent companies, State General Corporations, no later than March 30, 2025.
- Accounting units under State General Corporations must submit annual financial statements to the parent company, General Corporation within the timeframe specified by the parent company, General Corporation.
What is the deadline for submission of 2024 annual financial statements for state-owned enterprises in Vietnam? (Image from the Internet)
What language shall be used in the financial statements in Vietnam?
Based on Article 11 of the Accounting Law 2015 regulating the language and numerals used in accounting:
Article 11. Language and numerals used in accounting
- The language used in accounting is Vietnamese. If a foreign language is required on accounting documents, books, and financial statements in Vietnam, both Vietnamese and the foreign language must be used.
- The numerals used in accounting are Arabic numerals; after the thousand, million, and billion digits, a period (.) should be placed; when there are digits after the unit digit, a comma (,) should be placed after the unit digit.
- Enterprises and branches of foreign enterprises or organizations that have to report financial statements to a parent company, organization abroad, or share management software, transaction payment with the parent company, organization abroad are permitted to use a comma (,) after the thousand, million, and billion digits; when there are digits after the unit digit, a period (.) may be placed and must be noted in documents, accounting books, financial statements. In this case, financial statements submitted to tax authorities, statistical agencies, and other competent state agencies must follow the provisions in Clause 2 of this Article.
Thus, the language used in financial statements is Vietnamese. If foreign languages must be used on financial statements in Vietnam, both Vietnamese and the foreign language should be used.
What are the three characteristics that information presented on the financial statements in Vietnam must possess?
Based on Article 101 of Circular 200/2014/TT-BTC regulating the requirements for information presented in financial statements:
Article 101. Requirements for information presented in financial statements
- The information presented in financial statements must truthfully and reasonably reflect the financial status, situation, and business results of the enterprise. To ensure truthfulness, information must have three characteristics: completeness, objectivity, and no errors.
- Information is considered complete when it includes all necessary information to help users of financial statements understand the nature, form, and risks of transactions and events. For some items, complete presentation must also describe additional information about quality, elements, and situations that may affect the quality and nature of the item.
- Objective presentation is non-biased in selecting or describing financial information. Objective presentation must ensure neutrality, and not emphasize, highlight, reduce or conduct other actions that alter the influence of financial information, whether beneficial or not, to users of financial statements.
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Thus, the information presented in financial statements must have three characteristics to ensure truthfulness: completeness, objectivity, and no errors. To be specific:
- Information is considered complete when it includes all necessary information to help users understand the nature, form, and risks of transactions and events. For some items, presenting complete information also requires describing additional information about quality, factors, and scenarios that may affect the quality and nature of the item.
- Objective presentation is non-biased in selecting or describing financial information. It must ensure neutrality, and not emphasize, highlight, reduce, or make any other manipulations that change the influence level of the financial information, whether beneficial or not, to users.
- No errors mean there is no omission in describing phenomena, and no errors in the process of selecting and applying reported information. No errors do not mean being entirely accurate in all aspects, for example, estimating various prices and values might be hard to determine as accurate or inaccurate. Presenting an estimate is considered truthful if the estimated value is clearly described, the nature and limitations of the estimation process are explained, and there are no errors in selecting appropriate data in the estimation process.
